The pot

One pot. Lent again and again.

Every loan ChopMoni makes comes out of one pot. Vendors repay it in full, and what comes back is lent to the next vendor the month after.

How the pot works

  1. The pot is filled

    Once a month, in euro, by ChopBase Africa and by people who fund it.

  2. Vendors borrow from it

    Each loan draws the pot down. When it is empty, the next vendors join a waitlist and keep their place.

  3. They repay, and it fills again

    Repayments go into next month’s pot, not this one. The same money lends again.

A vendor repays every day for 33 days. Nothing is charged for the loan: no interest and no fees. The small amount added on top is a donation into the pot, so borrowing from it also refills it.

Why it is in euro

The pot is held and counted in euro, because that is the currency it is funded in. Vendors borrow and repay in naira. We keep the two apart on purpose: a page showing both invites you to divide one by the other and read a rate off it, and the rate moves.

So the pot is measured in what it can actually do — how many vendors it can still lend to this month.

United Nations Sustainable Development Goal 1

End poverty in all its forms everywhere

The first Sustainable Development Goal sets out, in target 1.4, that by 2030 everyone living in poverty should have equal rights to economic resources, and access to financial services, including microfinance.

That is the work. A market vendor who cannot buy a full bag of stock pays more per item and earns less on every sale, and no bank will lend her the difference without collateral she does not have. The pot lends it, at no charge, and her agent comes to her rather than the other way round.

ChopMoni is a private company and is not part of, endorsed by, or affiliated with the United Nations. We name the goal because it describes what we are trying to do. Read Goal 1 on the UN site.

Put something in the pot

Money you put in is lent to a market vendor, repaid over 33 days, and lent again to somebody else the month after. It is not spent once.

We are not able to take money through this page yet.

If you would like to fund the pot, write to support@chopmoni.com and we will arrange it.

ChopBase Africa is a company, not a registered charity. Money given to the pot is not a charitable donation, is not tax deductible, and is not an investment: it earns nothing and is not repaid to you.